AUDIO Technical Analysis: Will The Breakout Rally Sustain Above $1.50?
AUDIO coin price shows a Doji formation following the bullish engulfing candlestick that tests the 200-day EMA. Should you consider buying this breakout? Key technical points:
- AUDIO prices have increased by 4.95% in the past 24 hours.
- In addition, the 50-day EMA approaches the 100-day EMA for a bullish crossover.
- Finally, the 24-hour trading volume of Audius is $291.41 Million, marking a 70% rise.
Past Performance of AUDIO
AUDIO coin price has increased by 113% from the sudden reversal of the $0.67 mark in the past month. The bullish reversal started with the 47% engulfing candlestick on March 19th. The uptrend continued with a rounding bottom breakout followed by a 25% bullish engulfing candlestick on April 3rd.
Source-Tradingview
AUDIO Technical Analysis
AUDIO coin price action includes an extended range Doji candlestick retesting the bullish breakout of the 200-day EMA. Hence, the possibility of an uptrend crossing above the $1.50 mark increases substantially. The crucial daily EMAs (50, 100, and 200-days) display bearish alignment, but the evident reversal increases the chances of bullish crossovers. Moreover, the price sustaining above the 200-day EMA projects a bullish signal. RSI Indicator: The RSI slope finally enters the overbought zone after a consolidation range formation above the halfway mark. Moreover, the 14-day SMA supports the bearish retracements and helps keep the uptrend in motion. MACD Indicator: The MACD and signal lines avoid a bearish crossover in the daily chart with a sudden bullish reversal in the fast line. Hence, the indicator remains bullish for the altcoin. The AUDIO technical analysis forecasts a bullish continuation above the $1.50 mark as the buying pressure grows.
Upcoming Trend
The AUDIO coin price reflects a high momentum bullish, surpassing multiple resistance levels as new buyers line up. Hence, traders can find buying entry spots at market price as the uptrend shows potential reaching the $2 mark. Support Levels: $1.2 and $1 Resistance Levels: $1.6 and $2
Source: ethereum.today
